Salient to Investors:
Eugen Weinberg at Commerzbank predicts Brent crude will rebound toward $110 a barrel this month, and says the oil markets prefer Obama.
Morgan Stanley said Brent will remain in a range of $105 to $110 as higher refinery runs offsets global economic risks.
Ken Hasegawa at Newedge Group said we have plenty of crude worldwide, so oil remains in a downtrend, especially with a lot of uncertainty over the economy.
Oil in New York has technical support along its lower Bollinger Band, around $84 – buy orders may be clustered close to it.
Hedge-funds et al reduced net-long positions to the lowest in almost five months.